- Bitcoin, at the time of writing was trading around the major resistance point above $10,400 and forming a rising channel
- With this, the immediate support lies at $10,200 and having breached above $10,400, BTC is ought to face resistance around $10,500 price zone
Important to note that the volatility is rightly suppressed at the current trading hour and this Bull Run happens to be a reality and not just a belief. Along with the king of cryptos, Ethereum and XRP are also seen mounting they trade at impressive heights $272 and $0.326 respectively. The crypto market is booming with growth and momentum to fade away the despairing traces of the bygone year.
Bitcoin Price Analysis:
Analyzing the hourly BTC/USD chart on Coinbase, we see that the coin has been forming a notable rising channel as is marks a fresh high at $10,486.27. This uptrend is rightly supported by the daily moving averages and holds a “golden crossover” as the 50-day daily MA crosses above 200-day daily MA. Alongside, the 20-day Bollinger Bands also show a moderate band width and projects no volatility in the upcoming days.
However, since the whole market is subject to unpredictable moves the major support lies at $9,800 if the coins dip and meets $10,000 during the trading hours. This second time leap above $10,000 after the past week has been an imminent move by BTC against US Dollar.
Further, on the upside, having faced a strong resistance at $10,500, Bitcoin is likely to face a tough time to hit above $11,000, and currently it is slightly correcting downwards as it trades at $10,446 from the height of $10,486.27.
Technical Indicators:
As per the technical indicators laid, the MACD line and the signal line are likely to experience a crossover and have a bullish divergence, thereby.
Similarly, the RSI of BTC is at 64.10 and is likely to hit the resistance at $70 or the overbought region.